Interim Results

Schroder AsiaPacific Fund PLC
3 May 2002







                         SCHRODER ASIAPACIFIC FUND PLC

Schroder AsiaPacific Fund plc announces its unaudited Interim Results for the
period ended 31 March 2002.

Unaudited Statement of Total Return (incorporating the Revenue Account)


                                                    For the six months                        For the six months
                                                   ended 31 March 2002                       ended 31 March 2001

                                          2002        2002        2002          2001          2001          2001
                                       Revenue     Capital       Total       Revenue       Capital         Total
                                         £'000       £'000       £'000         £'000         £'000         £'000

Realised losses                              -     (1,109)     (1,109)             -         (935)         (935)
Increase/(decrease) in
unrealised appreciation on investments       -      45,020      45,020             -      (16,665)      (16,665)
Net loss on currency balances                -       (153)       (153)             -         (316)         (316)
Income                                     982           -         982           961             -           961
Management fees                          (535)           -       (535)         (497)             -         (497)
Administrative expenses                  (157)           -       (157)         (211)             -         (211)
Net return/(deficit) on
ordinary activities before
finance costs and taxation                 290      43,758      44,048           253      (17,916)      (17,663)
Interest payable                          (86)           -        (86)         (332)             -         (332)
Return/(deficit) on ordinary
activities before taxation                 204      43,758      43,962          (79)      (17,916)      (17,995)
Tax on ordinary activities                 (5)           -         (5)           (6)             -           (6)
Return/(deficit) on ordinary
activities after taxation                  199      43,758      43,957          (85)      (17,916)      (18,001)
Return/(deficit) per share               0.14p      31.44p      31.58p       (0.06)p      (12.80)p      (12.86)p





The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

Schroder AsiaPacific Fund plc

Unaudited Balance Sheet


                                                                   31 March                         30 September
                                                                       2002                                 2001
                                                                      £'000                                £'000

Fixed assets
Investments                                                         127,722                               76,985

Current assets
Debtors                                                1,455                             550
Cash at bank and short-term deposits                   2,403                           8,360
                                                       3,858                           8,910
Current liabilities
Creditors: amounts falling due within one year        10,311                           8,583
Net current (liabilities) / assets                                  (6,453)                                  327
Net assets                                                          121,269                               77,312


Capital and reserves
Called up share capital                                              13,920                               13,920
Capital redemption reserve                                               81                                   81
Share premium account                                                     4                                    4
Share purchase reserve                                              110,529                              110,529
Warrant reserve                                                       8,702                                8,702
Warrant exercise reserve                                                  2                                    2
Capital reserve                                                    (12,124)                             (55,882)
Revenue reserve                                                         155                                 (44)
Equity shareholders' funds                                          121,269                               77,312

Net asset value per share                                            87.12p                               55.54p










Schroder AsiaPacific Fund plc

Unaudited Cash Flow Statement
                                                             For the six months ended         For the year ended

                                                                        31 March 2002          30 September 2001
                                                                                £'000                      £'000
Operating activities
Dividend income received                                                          602                      1,752
Deposit interest received                                                         116                        426
Other income                                                                        4                          3
Management fee paid                                                             (424)                    (1,042)
Administrative expenses                                                         (158)                      (229)
Net cash inflow from operating activities                                         140                        910
Servicing of finance
Interest paid                                                                   (129)                      (645)
Cash outflow from servicing of finance                                          (129)                      (645)
Taxation
UK income tax recovered                                                           150                        239
Overseas tax paid                                                                 (5)                       (58)
Tax recovered                                                                     145                        181
Capital expenditure and financial investment
Purchase of investments                                                      (41,799)                   (66,132)
Disposal of investments                                                        34,172                     65,537
Net cash outflow from capital expenditure and financial
investment                                                                    (7,627)                      (595)
Net cash outflow before financing                                             (7,471)                      (149)
Financing
Purchase of own shares for cancellation                                             -                      (433)
Bank loans raised/(repaid)                                                      1,665                    (5,362)
Net cash inflow/(outflow) from financing                                        1,665                    (5,795)
Net cash outflow                                                              (5,806)                    (5,944)




Investment Manager's Review


The first six months of the year ending 31st March 2002 have witnessed a strong
recovery in the regional markets. The Company's benchmark index rose 50.9% in
sterling terms, the undiluted net asset value of the Company by 56.9% and the
share price by 66.7%.


The external environment has been increasingly favourable for the regional
economies and markets. Consensus forecasts for global growth (led by the United
States) have been consistently raised through the period, with consumption
remaining surprisingly resilient in the wake of the World Trade Centre attack
and the war in Afghanistan. An end to the liquidation of inventories has had a
significant impact on growth expectations for 2002, and has been of direct
benefit to regional exports which have shown signs of recovery in recent months.
This has been reflected in the pattern of equity market performance over the
period, with information technology and industrial sectors performing
particularly strongly.


Markets have also drawn strength from more domestically derived factors. With
current accounts in much stronger shape, the maintenance of loose monetary
policies has been made possible by the underlying resilience of currencies and
the lack of inflationary pressures given low capacity utilisation and low credit
growth. Domestic banking sectors are in much better shape thanks to
restructuring, recapitalisation, and the often tortuous process of sorting out
the bad debt problems. A return of consumer confidence has also been evident
particularly in Korea which was the strongest market over the period, but it has
been a measure of the increased risk tolerance of investors that markets such as
Indonesia, Thailand and Malaysia have been notably strong in the first quarter
of 2002.


Among major markets the main disappointment has been Hong Kong, though the
market was still up by over a quarter in the period. Rising unemployment,
deflation, and high real interest rates have weighed on a market where banks and
property stocks remain large components. The lack of any positive lead from
Chinese markets has also been a factor. However, Hong Kong industrials, many of
them deriving competitive advantages from Chinese-based manufacturing, performed
strongly over the period.

Investment Policy and Performance

The table below shows the asset distribution of the Company's portfolio at the
beginning and end of the period to 31st March 2002, along with the distribution
of the benchmark index at 31st March 2002 for comparison purposes.

                               Net Asset Value Weightings (%)                     Benchmark Index Weight (%)
Market                        31 March 2002        30 September 2001                           31 March 2002
Hong Kong/China                        34.8                     36.1                                    28.9
Korea                                  27.8                     19.0                                    26.4
Taiwan                                 15.7                     13.6                                    20.2
Singapore                              14.2                     19.5                                    11.1
Malaysia                                7.2                      6.0                                     8.8
Indonesia                               2.1                      2.4                                     1.2
Thailand                                2.0                      1.1                                     2.4
India                                   1.3                      1.5                                     0.0
The Philippines                         0.2                      0.4                                     1.0
Other net (liabilities)               (5.3)                      0.4                                     0.0
/assets
Total                                 100.0                    100.0                                   100.0



We have been net buyers of equities over the period, leading to an effective net
gearing position equivalent to 6.1% of net assets at 31 March 2002. This has
reflected our positive stance on the region, and the flow of attractive stock
ideas that we have identified over the period. In the process, the portfolio has
become weighted more towards smaller and medium-sized companies which we feel
offer better value. These have included industrial stocks in Hong Kong,
financial and infrastructure companies in Singapore, and consumer stocks in
Korea.


In terms of country allocation, we started the period with relatively heavy
weightings in Singapore. This has been reduced, with part of the funds released
being redeployed in the emerging ASEAN markets of Thailand, Indonesia, and
Malaysia. More recently, we have raised our weightings in Hong Kong reflecting
the increasingly attractive valuations which more than take account of the
challenging near-term prospects, while ignoring the scope for recovery and the
Hong Kong corporate sector's ability to exploit opportunities in the PRC.

In terms of sectors, we have maintained overweightings in the financial (which
includes real estate) and consumer discretionary sectors, balanced by
underweightings in the telecommunication, utility and materials sectors.


The strong relative performance of the Company's portfolio was primarily due to
stock selection, particularly in Hong Kong, Taiwan, Singapore and Malaysia.
Korean selection was disappointing due to the Company's holdings in the
telecommunications sector. Asset allocation was negative, due to the Company's
overweight positions in Singapore and Hong Kong, and underweighting in Malaysia.

Investment Outlook

Despite the scale of the recovery in the regional markets over the last six
months, we believe that the prospects for positive returns remain good. The
state of the global economy and the absence of World Trade Centre type shocks
are the principal provisos for this view, but given a moderately benign external
situation, the conditions for a more extended bull market in Asia are firmly in
place.

The two main supports for this view are the more balanced sources of growth for
the region, and the transformation of the corporate sector. In terms of the
first point, we expect the contributions to growth in the region to be much more
balanced between the traditional motor of export growth and domestic consumer
spending. Trade remains important, and a faltering in the current recovery would
inevitably effect sentiment in the region. However, the scope for domestic
growth is illustrated by the fact that, in stark contrast to five years ago the
countries in the Company's benchmark index (including Indonesia, Thailand and
Malaysia) are running current account surpluses. Monetary authorities have
considerable flexibility to run policies independent from the Federal Reserve,
giving the region some protection against the probability that the next move in
US interest rates will be up, while replacement cycles and pent up demand is set
to support consumption. This is perhaps most dramatically illustrated by the
increased activity in the residential property markets in Kuala Lumpur and
Bangkok.

In terms of the corporate sector, post the Enron scandal, received wisdom of the
superiority of transparency and corporate governance in the West as compared to
the East is perhaps less persuasive. The region's companies have made
considerable progress in terms of stronger balance sheets and improved
shareholder focus. In part this has been a result of the increase in foreign
shareholdings, both by portfolio investors and trade buyers who have made
significant commitments to the region. It has also been due to the increased
realisation by corporate management of the need to compete on a global scale
rather than to rely on the protection of a local or national franchise.


Meanwhile, in valuation terms the regional equity markets continue to look
attractive. While clearly not at the distress levels of last September (or
indeed at the depths of the 1997/98 crisis), they are reasonably valued by their
own history, and remain at a discount to other equity markets. The degree of
that discount appears increasingly anomalous given the fundamental improvements
outlined above.


Consequently, since the half-year end we have raised further our gearing, albeit
modestly. The portfolio remains positioned for positive markets, with
overweightings in Hong Kong, Singapore and Korea. Although underweight overall
in emerging ASEAN markets, we are focussed on financials and domestic cyclicals
which we expect to continue to perform strongly. We are underweight in Taiwan,
with the portfolio confined to the technology and, to a lesser extent, the
financial sectors.



Schroder Investment Management (UK) Limited

3 May 2002



Notes

The Interim Report will be mailed to registered shareholders in May 2002 and
from the date of release copies of the Interim Report will be made available to
the public at the Company's Registered Office at 31 Gresham Street, London EC2V
7QA.


This announcement is prepared on the basis of the accounting policies as set out
in the most recently published set of annual financial statements.






Enquiries:

John Spedding

Schroder Investment Management Limited

3 May 2002

(020 7658 3206)

(e-mail [e-mail])



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